Fort Pierce, FL asked in Criminal Law and Admiralty / Maritime for Florida

Q: please see below

I own 51% of a marine contracting company. The company owns several tug boats and other pieces of marine equipment.

Can I gift one of the tug boats to another company which I own 100% of. Once the transaction is complete, can I then lease the tugboat back to the original company which gifted the tug to me, and collect a monthly income from the original owner?

Thank you for your response.

2 Lawyer Answers
Henry George Ferro
Henry George Ferro
  • Criminal Law Lawyer
  • Ocala, FL
  • Licensed in Florida

A: You may do what you propose...but the proviso is that there are likely tax consequences to your proposal...You should be communicating with a tax specialist and/or accountant...

Randy Bryan Ligh agrees with this answer

Tim Akpinar
Tim Akpinar
  • Maritime Law Lawyer
  • Little Neck, NY

A: As Mr. Ferro points out, it could be beneficial to consult with an accountant on this. It looks like a somewhat more complex matter than many of the usual Admiralty/Maritime questions that make their way here in terms of boating and cruise ship cases. You could also consider reviewing the matter with an experienced business law/corporate law attorney to see if the arrangement is an acceptable one - it's possible they could have better insight into something like this than the maritime attorney who limits their practice to Jones Act, salvage, cargo, and things along those lines. Good luck

Tim Akpinar

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